XAUUSD Correction towards the 1D MA50

This is an update to the 30 day trading plan I published last week:

Obviously as the condition of closing a 1D candle above the 1876 Symmetrical Resistance was not fulfilled, the bullish momentum failed and Gold got heavily rejected today. As mentioned on the trading plan, the natural Support is the 1D MA50 (blue trend-line) and as a 1D Golden Cross is emerging (when the MA50 crosses above the MA200), that gets even stronger.

There are two patterns now, a Channel Up and a Bullish Megaphone, with the latter gaining ground as it has more clear contact points. Once this pull-back and very needed technical correction (Gold has been on a very strong rise since November 03) is completed, TradingShot’s first target is the 1876 Symmetrical Resistance followed by 1917 (Resistance 1) which would make a perfect Higher High on the Channel Up.

Tradingview link:

https://www.tradingview.com/chart/XAUUSD/D1TeA1mS-XAUUSD-Correction-towards-the-1D-MA50